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New York private equity firm Argand Partners that focuses on investments in industrial manufacturers and service providers, has acquired Sigma Electric Manufacturing Co. for an undisclosed sum, it said on Thursday.

With this, Goldman Sachs’s private investment unit that acquired majority stake in the company in 2007 has exited the firm. The remaining stake was held by the Sajjan Agarwal family, which set up Sigma Electric in 1982, as per its website.

Sigma Electric that makes electric fittings and precision engineering products has manufacturing bases in Pune and Jaipur in India although it earns 90% of its income from the US market. It is headquartered in the US.

It manufactures and sells metal castings and injection moulded products and accessories used in commercial, industrial and residential construction, and power transmission, according to its website.

Post this acquisition, the company is anticipating an expansion of its geographical reach.

The Economic Times citing unnamed people said Argand edged past other suitors including AION Capital, the joint venture between ICICI Venture and Apollo Global. It added that the deal size is estimated to be around $250 million.

“Argand brings a significant level of manufacturing and industrial market experience in addition to global networks, which will assist us as we look to expand our market presence and geographic footprint,” said Viren Joshi, Sigma’s president and CEO.

“We see exciting potential for further expansion into new markets and geographies, added Tariq Osman, partner and managing director at Argand.

Argand is a middle market buyout firm and founded in 2015 by Heather Faust, Howard Morgan and Tariq Osman.

The acquisition is supported by a loan facility provided by Brightwood Capital Advisors LLC.

Winston & Strawn LLP acted as US legal counsel and Luthra & Luthra Law Offices acted as Indian legal counsel for Argand, the statement said.